The AgTech startup Hectre, headquartered in New Zealand, has secured NZ$5 million (USD 3 million) in its most recent funding round. These funds will be utilized to broaden their presence in LATAM and European markets and to explore new image-processing techniques, aiming to deliver increased value to the industry.
Hectre has established a distinctive presence in the global produce industry by providing a holistic approach that encompasses both orchard management and advanced AI solutions for early post-harvest fruit quality. The design places a strong emphasis on user-friendly features.
As per the projections of BIS Research, the global artificial intelligence in agriculture market is expected to reach $4.09 billion by 2027, following a CAGR of 21.98% during 2022-2027.
This market was earlier valued at $1.51 billion in 2022.
As global demand for enhanced food and grain quality rises, the agriculture sector is experiencing a transition toward digital, intelligent, and data-driven equipment, presenting substantial opportunities for sales and financing. This shift is particularly conspicuous in regions like Europe and North America.
Moreover, the integration of artificial intelligence into agriculture has considerably impacted pest detection and crop scouting operations. This is achieved through the timely and efficient identification of pests and diseases at the plant level.
Emerging players are entering the market with support from government funding and corporate investments, representing a significant opportunity in the worldwide artificial intelligence in agriculture market.
The advanced technology offered by Hectre garnered the interest of deep-tech venture capital firm Nuance Connected Capital, serving as the primary investor in the funding round.
"Hectre presents innovative solutions, demonstrated by robust international market growth. This is just the beginning; Nuance is supporting the highly skilled and dedicated Hectre team to expand their current platform technology into exciting future applications," comments Mitali Purohit, General Partner at Nuance Connected Capital.
The company is collaborating with integration partners and distributors to enhance its value proposition in the industry. In the last year alone, they have introduced over 140 products, features, and enhancements.
Jaritt Hays, representing Monson Fruit, one of the top five premier packhouses in Washington State's apple hub, initially had reservations about the effectiveness of Hectre's technology. However, they have experienced a remarkable 4,000% increase in fruit sampling without any physical contact with the fruit, achieving results within seconds.
Hectre is actively expanding its operations, experiencing exponential growth in key markets such as North America, South America, and Europe. Over the last year, the company introduced over 140 products, features, and enhancements. Among them is Spectre Top Down, an AI solution employing computer vision and machine learning to identify, size, and color-grade over 5,000 pieces of fruit from the tops of open trucks as they arrive at packhouse receiving sites.
According to Debraj Chakraborty, Principal Analyst, BIS Research, “The agriculture industry is poised to benefit greatly from the adoption of AI technologies. AI can be used to analyze large amounts of data, such as weather patterns, soil conditions, and crop yields, to make predictions and optimize crop growth. This can help farmers to increase yields, reduce waste, and improve efficiency.”
